Noted for the unique charm of its upmarket sandals, Birkenstock has announced a noteworthy valuation of $8.64 billion through its initial public offering (IPO) of stocks. A venerable presence in the footwear industry, this 249-year-old German firm has priced their IPO at $46 per share on Tuesday, settling on the median of the anticipated range stretching from $44 to $49 per share.
Under the symbol “BIRK,” the trading of Birkenstock shares is set to commence on the daredevil’s hunting ground – the New York Stock Exchange, from Wednesday onwards. Birkenstock Holding Ltd. managed to unload approximately 10.8 million shares during the offering, thus procuring an impressive sum of around $495 million. Adding to this, Birkenstock’s shareholders further sold an additional 21.5 million shares.
Rooted historically in the skilled hands of Johann Adam Birkenstock, the company’s first pair of sandals was crafted in Germany back in 1774. Often ironically pitted against high fashion, Birkenstock’s sandals have successfully amassed a dedicated fanbase over the years and even bagged a mention in the blockbuster film “Barbie.”
This historic IPO signifies Birkenstock’s entry as the fourth contender in the U.S in the past month, the predecessors being Arm Holdings, Klaviyo, and Instacart. However, U.S. landscape had only seen 71 IPOs in the previous year, marking it the sparsest since 2009 as per the report from Renaissance Capital. The future horizons for Birkenstock seem promising with this healthy contribution to the reviving IPO market.
